Issue of Global Exchangeable Bonds

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15D-16 UNDER

 THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2011

Commission File Number: 1-13368

POSCO

 (Translation of registrant's name into English)

POSCO Center, 892 Daechi 4-dong, Kangnam-gu, Seoul, Korea, 135-777

 (Address of principal executive office)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or

Form 40-F.)

 Form20-F [  x ] Form 40-F [ ____ ]

[Indicate by check mark whether the registrant by furnishing the information contained in this Form is also

thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes [ ____ ] No [  x ]

[If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b) : 82- .]

POSCO is furnishing under cover of Form 6-K :

Exhibition 99.1 : An English-language translation of documents with respect to Issue of Global Exchangeable Bonds

Issue of Global Exchangeable Bonds

On May 30, 2011, the board of directors of POSCO resolved to issue Japanese Yen-denominated zero-coupon bonds exchangeable into ADRs of SK Telecom Co., Ltd., through a placement to investors in Europe and Asia. The aggregate principal amount of such bonds is expected to be approximately 41 billion Japanese Yen. The bonds are expected to be listed on the Singapore Exchange.

The principal amount will be repaid in full at maturity falling on the fifth anniversary of the date of issuance of the bonds.

Further details relating to these bonds, such as the aggregate principal amount, exercise period, interest rates at maturity and upon the exercise of any early redemption rights, terms of exchange, the exchange rate, exchange premium, subscription date, closing date, the reference currency exchange rates, will be provided in a future filing on Form 6-K, when the terms and conditions relating to the bonds are finalized subject to market conditions.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

POSCO

(Registrant)

Date : May 30, 2011 By /s/ Choi, Jong-Tae

(Signature)*

*Print the name and title under the signature of the signing officer. Name: Choi, Jong-Tae

Title: President